CoreWeave lifts outlook on AI demand

CoreWeave (CRWV) reported second-quarter 2026 revenue of about $2.58 billion, slightly above analyst expectations of $2.56 billion. The result represented roughly 112% year-over-year growth, underscoring rapid expansion in demand for the company’s AI-focused cloud infrastructure. Shares jumped in extended trading, with the stock rising by a low- to mid-teens percentage range after the release.

Despite the surge in revenue, the company remained unprofitable on a net basis, posting a net loss of $626 million, or $1.14 per share. Analysts had anticipated a wider per-share loss, so the reported figure marked an upside surprise on earnings as well as on sales.

On an adjusted basis, CoreWeave (CRWV) highlighted improving profitability as it scales. Adjusted EBITDA for the quarter was about $1.51 billion, implying a margin of around 59%. Adjusted operating income came in at $128 million, indicating that, excluding certain items, the core business generated positive operating income.

Management linked these results to operating leverage as the platform expands. While interest and financing costs remain elevated and the company continues to report a net loss, the combination of strong revenue growth and positive adjusted operating income signaled progress toward more efficient operations.

CoreWeave exited the quarter with a revenue backlog of about $104 billion, providing multi-year visibility into future demand. In early third quarter, the company secured more than $25 billion of additional net new customer commitments, further enlarging its contracted pipeline.

To support this expansion, active powered capacity increased by nearly 500 megawatts to around 1.5 gigawatts. Management pointed to accelerating demand for AI computing infrastructure as a key driver of both backlog growth and the need for rapid capacity build-out.

Reflecting the stronger demand backdrop, CoreWeave raised its full-year 2026 outlook. The company now forecasts revenue between $12.4 billion and $13.2 billion, alongside adjusted operating income guidance of $960 million to $1.15 billion. These figures represent an increase from prior guidance levels, which were not specified in the available materials.

For the near term, management guided third-quarter 2026 revenue to a range of $3.4 billion to $3.6 billion. The combination of elevated backlog, new customer commitments, and expanded capacity underpins these targets. Investors responded positively to the updated outlook and quarterly performance, helping drive the stock’s double-digit percentage gain in after-hours trading.